Res 2015-067/PARS approval - Laserfiche WebLink

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PARS Benefit Trust FBO City of San Marcos PARS Section 457(b) Alternative Retirement Plan Effective October 1, 2015 This Trust Agreement (the "Trust Agreement" or "Trust ") is made by and among City of San Marcos (the "Agency ") as the sponsor of the PARS Benefit Trust FBO City of San Marcos PARS Section 457(b) Alternative Retirement Plan Effective October 1, 2015 (the "Plan "), the Plan Administrator or the Plan's administrative committee (the "Plan Administrator "), Union Bank, N.A., a national banking association as Trustee ( "Union Bank, N.A." or the "Trustee ") and Public Agency Retirement Services as Trust Administrator (the "Trust Administrator "). PURPOSE The Agency has established the PARS Benefit Trust FBO City of San Marcos PARS Section 457(b) Alternative Retirement Plan Effective October 1, 2015 for the benefit of eligible employees. The Agency has established this Trust for the exclusive purpose of providing Plan benefits to its employees ( "Participants ") and their beneficiaries ( "Beneficiaries ") and defraying reasonable expenses of the Plan and Trust. The Agency has reserved the right to amend this Trust from time to time. The Plan Administrator for this Plan and Trust shall mean the person who holds a particular position or title designated by the Agency's governing body. The Plan provides that, from time to time, cash and other assets may be provided or forwarded to the Trustee by the Agency to be held and administered in trust for the uses and purposes of the Plan, solely for the purpose of providing such benefits. Subject to specific conditions set forth in this Trust Agreement, the Trustee agrees that it will receive cash and other property of the Plan acceptable to the Trustee, constituting Plan contributions from the Agency or transfers for the benefit of the Plan, and shall hold and invest such cash and other property (the "Assets ") for the uses and purposes and upon the terms and conditions stated in this Trust Agreement (the "Trust "). The Agency intends that the Plan shall qualify under Section 457(b) of the Internal Revenue Code of 1986, as amended (the "Code "), and that the Trust hereby created shall be treated as a trust exempt from tax under Section 501 of the Code, and shall not be subject to any claims of the Agency's creditors. ARTICLE I TRUST FUND 1.1 Signing Authority. The Agency's Board of Trustees, Board of Directors or other duly authorized governing body shall certify in writing to the Trustee the names and specimen signatures of all those who are authorized to act as, and on behalf of, the Plan Administrator, and those names and specimen signatures shall be updated as necessary by such governing board or other duly authorized officer of the Agency. 1.2 Acceptance of Assets. All contributions or transfers shall be received by the Trustee in cash or in any other property acceptable to the Trustee. The Trust shall consist of the contributions and transfers of Assets received by the Trustee, together with the income and earnings from such Assets, and any increments accruing to them. The Trustee shall manage and administer the Trust without distinction between principal and income. The Trustee shall have no other duty to compute any amount to be 3